Gensol Engineering Probe: Corp Affairs Ministry Aims to Complete Inquiry in 3-5 Months

New Delhi, May 20 (PTI) The corporate affairs ministry aims to complete the probe into crisis-hit Gensol Engineering Ltd and around 18 other related companies in the next three to five months, a senior official said on Tuesday.

Separately, the National Financial Reporting Authority (NFRA) is conducting a preliminary enquiry into Gensol Engineering following a reference from the markets regulator Sebi, NFRA chief Ravneet Kaur said.

Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with Sebi, in April, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.

The senior official said that the probe seeks to find everything when things are hot and the aim is to complete the probe into Gensol and around 18 other related companies in the next three to five months.

The ministry is implementing the Companies Act, 2013, under which it has various powers to deal with instances of corporate misdoings.

Meanwhile, the Institute of Chartered Accountants of India (ICAI) is also reviewing the financial statements of Gensol Engineering Ltd and BluSmart Mobility Pvt Ltd for the 2023-24 fiscal.

Sebi's order on April 15 came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering, for personal use, raising concerns over corporate governance and financial misconduct.